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Chainrai taking control confirmed and Azougy OUT!

Pompey have now officially confirmed that Balram Chainrai has taken, or seized, control of the club as well as confirming that Daniel Azougy will have NO involvement with the club any longer.

An adjournment to next weeks HMRC winding-up hearing has been requested too.

The following statement was issued on The Pompey Site...


Portsmouth Football Club Statement

Balram Chainrai has exercised a clause in the security arrangement with Falcondrone Ltd to take a controlling interest in Portsmouth Football Club.

Mr Chainrai wishes to stabilise the club's situation until new owners for the club are found.

The security arrangement with Falcondrone Ltd is based on documents drawn up by Fuglers law firm as part of the original draw down of the loan, depositing with Mr Chainrai the original share certificate and a signed but undated share transfer in favour of Mr Chainrai, which could be dated and exercised in the event of default on the terms of the loan agreement.

Peter Storrie continues as the chief executive officer of the club and continues to run the club. Meanwhile new owners are being found for the long-term future of the club.

The club will now apply to HMRC to adjourn next week's winding-up hearing to allow time for the club to be stabilised and new owners found.

New directors will be appointed to the board and Daniel Azougy will no longer be involved with any part of the club.

The importance and priority is to stabilise the business and give the players, staff and fans of Portsmouth FC confidence that the club will go forward.

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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Thursday February 4 2010

Time: 5:04PM

Your Comments

Best bit is the back of Azougy
is this a ray of sunshine?????? Or another false dawn????? whichever it is another chapter to throw into the good book, Glad to see the back of Azougy which ever way you look at things!!!
Hmmm, still too circular for my liking. The links between Sacha's old man, the lawsuit for 17m, the loan of 17m, the default on that loan allowing seizure of the club? Who would bet against the full circle being that Sacha buys the club back? Only my imagination I know, based upon no fact and no accusation being made but would make a great story wouldn't it.
like i've said elsewhere, this has to be good news - if only becuase it couldn't possibly have got any worse!
well no more azougy = fantastic news, and hopefully he will stabilise the club and it will give us a bright future to look forward to, instead of all this new pompey stuff which was fine but lets face it, it was no Pompey ;D PUP
I can't keep up, but am battle weary enough to think that this isn't the end and is not necessarily good news.
A good start that they are communicating through the official site! Also, he surely has to do some good to protect his investment!?
Easy way out for "Al-Mirage", me thinks. I hope now he ****s off and stays well away. Bloody jaffa.
Please no, they have put Storrie back in charge and asked him to find new owners. Would you buy a new owner from this bloke? You are supposed to learn from your mistakes, ChaInrai what is going on? Are you MAD. Then to cap it all, we can't score on the pitch, then Avram gets caught going to a Brothel. See the headlines tomorrow. What is up with these people, can't they make a rational decision between them. I suppose Avram was mentored by John Terry for this stupidity.
On top of all that we know that at least one person involved with the team can score in a brothel :-) singing you can score in a brothel grant can score in a brothel and so on
plymouth graham
Another day, another dollar - let wait and see......
Theres always the chance this is another false dawn, and none of us are going to get carried away. But at least on face value, this just might be good news. At face value, Chanrai wants his investment back - and in order to get it, he needs to save Pompey. That's what we want too. And so is getting rid of Jacobs and Azougy. Clearly he isn't the long term owner we want - but he just might be the short term solution we need. Here's hoping!
I don't understand how he'll make any money by paying our debts then selling. How much are we likely to go for with no debts? Surely hes not going to clear all of them? PUP!
well said tracy
plymouth graham
Stabilise the club is the key phrase in there. Will it happen though is the question? Not another owner who wants to sell at a profit though. The back of Azougy is certainly great news though.
i think it's a case of if he does nothing, he loses 20 million, if he intervenes, he loans another 5 million, sells on, and gets everything - or at least most of it - back. I can understand his thinking - however it is very reliant on finding an invester willing to take on - or pay off - our debts. chances of that happening? low.
Not over yet! From the BBC site "But a lawyer for the club's previous owner, Ali Al Faraj, will challenge whether such a takeover can go through. " Regards AG the police have stated they've found no evidence it's a brothel - just a massage parlour.
The lawyer is Jacob....
just when you thought it could not get any more farcical...i just found this on the web...................This will set the cat among the footballing pigeons! Simon Cowell (he of the high trousers) is in secret talks to buy out Portsmouth FC. Although reported today that Cowell, 50, is ill with flu (and had to pull out of filming for Britain's Got Talent) he is not as bad as the claims make, and he has spoken with club delegates about a possible purchase of club shares before March. An investment from Cowell would certainly be welcomed at the beleaguered club, and he could be the guy to turn the fortunes of Portsmouth FC around........................... ..................................... It was on one of those dodgy rumours site though, no need to worry
plymouth graham
Stop it Plymouth Graham, you're killing me!! Simon Cowell buying a football club!! Susan Boyle brought in as half-time 'entertainment'? Or even as team mascot? :)
Ply Graham.. That rumour is maybe not as daft as it sounds.. seriously .. Coxy and I have been digging around it for a few days .. It seems his late grandfather was a previous shareholder in PFC.. but whether Cowell himself is interested remains to be seen.. but the tought of Tantona half time entertainment suggestion makes me shudder.. still.. I wouldn't mind seeing Stavros Flattley perform in the oppositions box ..

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